According to HousingWire, HighTechLending has made some meaningful updates to its EquitySelect home equity products that just went into effect. The lender is expanding who can qualify for these loans and raising how much borrowers can actually tap into their home equity. This applies to both their first position loans and second lien HELOCs, with loan amounts available up to four million dollars.
The changes are particularly interesting because they're opening doors for older homeowners. People fifty-five and older can now qualify using a one percent payment plan, while those between fifty and fifty-four can use payment plans as low as three percent. At the same time, the maximum loan-to-value ratios have gone up across all five payment plan options, meaning qualified borrowers can access more of the equity they've built up in their homes.
What makes this product different is how flexible it works. Borrowers can set their monthly payments quite low relative to their loan balance, with any unpaid interest getting added to the loan balance itself. It operates kind of like a credit card, and the full amount gets repaid when someone sells their home or through a final balloon payment. The second lien version is also attractive because it doesn't touch the existing first mortgage, which matters for people who locked in those great interest rates a few years back.
The CEO of HighTechLending explained that by loosening eligibility and increasing borrowing capacity, they're helping their wholesale partners serve more homeowners who are trying to access the equity they've built while dealing with the tighter credit environment we're all navigating these days. The company sees this product as useful for people needing cash for debt consolidation, home improvements, retirement needs, emergencies, and general cash flow.
What I'm seeing locally here in the Bay Area and East Bay is that homeowners are sitting on tremendous amounts of equity but feeling stuck when it comes to accessing it. Many of our clients have strong home values but face challenges with traditional lending products, so tools like this expanded EquitySelect program give real alternatives for people who need liquidity without disrupting their current mortgages. It's worth exploring for anyone holding significant equity and looking to unlock it affordably.
